Music Streaming Services Are Getting Record Amounts of Money

Paid subscriptions for music streaming services, likeSpotifyandApple Music, brought in over $11 billion in revenue.

Subscriptions are at an all-time high, up 5.7% in 2023 to almost 97 million.

Limited-tier subscriptions (like Amazon Prime and Pandora Plus) made $1 billion.

CNET namedSpotify the best streaming servicefor 2024 due to its rich mix of features and best-in-class free tier.

ButApple Musicis close behind, and other contenders includeYouTube Music,Tidaland audiophile-favoriteQobuz.

At its peak in 2012, digital downloads accounted for 43% of recording industry revenue.

They’re also downsizing.

TheNew York Times reported in Decemberthat the company would cut 1,500 jobs as it struggles to stay profitable.